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Another Day, Another Record.

Another day and another time for Oil Prices to reach another record high. With tensions rising between the Kurds in North Iraq and their Turkish neighbours it seems speculators are seeing this as a sure sign that a US$100 barrel of oil is not far away. Here in Jamaica the significance is not lost on us as much of foreign exchange is spent purchasing the pressure commodity. Jamaican are staring rising prices at the pump and higher electricity bill straight in the face.

Come Wednesday Evening, October 17, 2007 you can expect to hear PetroJam announce increases in the ex-refinery prices. For those who have a little cash ensure you fill up before as the jump could be in the order of $1.50 to $2.00 per litre.

We will be watching the what will happen in the coming days but one thing is clear high Oil prices are here to stay.